swissmoney
- Thread starter swissmoney
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You have no right to demand a full explanation, you don't have that with any bank, and to be honest, you won't get it with your local bank either! So stop whining, if they can't onboard you as a customer, it's probably because you are considered high risk.
https://gdpr-info.eu/issues/right-of-access/https://www.privacyengine.io/blog/how-to-make-a-gdpr-request-for-information/
It is very strange, because after they they opened me foxpay account with the same iban. Where is the logic?
It is very strange, because after they they opened me foxpay account with the same iban. Where is the logic?
GDPR does not supersede AML regulations. Courts and regulators have been clear about this. If you were rejected for reasons related to AML and customer screening, you have no legal right to know why.
The rationale for that is that if banks have to start telling people why they were declined, they can use that information to reverse engineer how banks' compliance frameworks function, and use that to their advantage to get around the checks.
The rationale for that is that if banks have to start telling people why they were declined, they can use that information to reverse engineer how banks' compliance frameworks function, and use that to their advantage to get around the checks.
They don't technically have a license.
Swiss Money is a member of SO-FIT which is a private sector self-regulatory organization (SRO). SO-FIT is supervised by FINMA, but its members are not. So Swiss Money does not hold a license.
However, Swiss Money provides IBANs to its customer through a partnership with an EMI licensed in Lithuania.
Swiss Money is a member of SO-FIT which is a private sector self-regulatory organization (SRO). SO-FIT is supervised by FINMA, but its members are not. So Swiss Money does not hold a license.
However, Swiss Money provides IBANs to its customer through a partnership with an EMI licensed in Lithuania.
However, how can one tell if the bank isnt simply charging to reject? after all, lets say they charge 100 bucks to open the account︀ only to reject 95-100% of the applicants, and maybe pay someone to post around that︁ they succeeded and are super happy. After all, these EMI would probably take a long︂ time to earn 100 bucks, and this would seem a pretty easy way to just︃ get some money in with no actual work required..
I still remember a time when︄ everyone in here who tried to open an account with a specific EMI from LT︅ got rejected after paying something like 500bucks or so
I still remember a time when︄ everyone in here who tried to open an account with a specific EMI from LT︅ got rejected after paying something like 500bucks or so
You can't.
The risk is there. Although the regulator will find is strange that they have︀ such a low approval rate. Financial institutions with unusually high or unusually low approval rates︁ will be questioned about the customer acquisition and customer onboarding/screening methods.
The risk is there. Although the regulator will find is strange that they have︀ such a low approval rate. Financial institutions with unusually high or unusually low approval rates︁ will be questioned about the customer acquisition and customer onboarding/screening methods.
You may contact them [email protected] and ask them, if they answer you, you could post their answer here
You can find mostly accurate data on whether the particular entity is a member of one of Swiss SRO's here SRO member search and further verify information by searching/enquiring directly with SRO (SO-FIT, VQF, Polyreg)
Switzerland has a very interesting regulatory system, which is totally different from︂ what we see in the EU and elsewhere. Actual level of regulatory scrutiny on financial︃ intermediary/SRO member is somewhere in between VASP and small payment/e-money institution registration.
I can't say,︄ based on first hand experience, that FINMA doesn't monitor and/or indirectly influence supervisory control over︅ activities of SRO members. Under Article 16 of AMLA Act, "FINMA shall have the following︆ duties in terms of its supervision of the financial intermediaries under Article 2 paragraph 3︇
a) it recognises the self-regulatory organisations or withdraws such recognition;
b) supervises the self-regulatory organisations;︈
c) it approves the regulations issued by the self-regulatory organisations in accordance with Article 25︉ and any amendments thereto;
d) it ensures that the self-regulatory organisations enforce their regulations"
However, most powers are still vested with SRO itself. There are SROs with different quality of︊ monitoring standards and there are different AML auditors who do most of actual risk assessment︋ works for the SRO.
SO-FIT is "mid-quality" SRO compared to VQF and Polyreg.
Switzerland has a very interesting regulatory system, which is totally different from︂ what we see in the EU and elsewhere. Actual level of regulatory scrutiny on financial︃ intermediary/SRO member is somewhere in between VASP and small payment/e-money institution registration.
I can't say,︄ based on first hand experience, that FINMA doesn't monitor and/or indirectly influence supervisory control over︅ activities of SRO members. Under Article 16 of AMLA Act, "FINMA shall have the following︆ duties in terms of its supervision of the financial intermediaries under Article 2 paragraph 3︇
a) it recognises the self-regulatory organisations or withdraws such recognition;
b) supervises the self-regulatory organisations;︈
c) it approves the regulations issued by the self-regulatory organisations in accordance with Article 25︉ and any amendments thereto;
d) it ensures that the self-regulatory organisations enforce their regulations"
However, most powers are still vested with SRO itself. There are SROs with different quality of︊ monitoring standards and there are different AML auditors who do most of actual risk assessment︋ works for the SRO.
SO-FIT is "mid-quality" SRO compared to VQF and Polyreg.
Dear Kranders,
Please note that Accessing Vaults can be done through Settings tab, After that you can access your private wallets.
Please note that Accessing Vaults can be done through Settings tab, After that you can access your private wallets.
Dear forum members,
We are happy to announce that from September 1st we are starting with Swiss IBANS, for SEPA AND SWIFT also our principal VISA MEMBERSHIP.
Anyone interested to test it prior to September 1st - DM us.
Swissmoney Team
We are happy to announce that from September 1st we are starting with Swiss IBANS, for SEPA AND SWIFT also our principal VISA MEMBERSHIP.
Anyone interested to test it prior to September 1st - DM us.
Swissmoney Team
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